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Using information from 10-K filings of publicly traded firms, we identify economic connections among U.S. states. At the firm level, we document excess comovement in the returns and liquidity of public firms headquartered in economically connected states. At the aggregate level, the economic connections create spillover effects whereby economic shocks in a state affect its connected states and the U.S. economy. For example, a one percent production shock in California (Texas) is related to adoi:10.2139/ssrn.2064141 fatcat:kkgbvilzdncfrn3xu5y6zvtby4